The Bitcoin Whale Opens a Long Position Following the CPI Release

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After the CPI figures for September came in higher than anticipated at 8.2%, the price of bitcoin plunged to $18,3k.
After the CPI data was released, the price of bitcoin recovered somewhat, continuing Friday's advances. According to statistics, a Bitcoin whale simultaneously opened long bets on the futures markets Bitmex and Binance.

Price of Bitcoin (BTC) Soars Due to Whale Accumulation

Hours after the release of the higher-than-expected CPI figures on Thursday, the price of bitcoin increased in tandem with the US stock market. The core CPI increases to a 40-year high even though the CPI for September is lower than it was in July and August.

It's interesting to note that as the price of Bitcoin dropped to $18,3k, a Bitcoin whale opened long bets on the Binance and Bitmex futures exchanges. The U.S. Energy Information Administration's revelation of a major increase in crude oil stocks is thought to be the cause of the action.

Gains in the price of Bitcoin (BTC) contributed to the recovery of the overall crypto market. It is not, however, a spot purchase that might have boosted Bitcoin bulls. However, the purchase by the Bitcoin whale is sufficient to spur a further rise in the near term until a profit in the futures markets.

A time to enter long positions is suggested by indications like the supply in loss, the adjusted SOPR, and the taker/buyer sell ratio. To confirm their entry, traders must, however, pay close attention to open interest (OI), derivatives reserve, and netflow.

Has Bitcoin reached its low point?

The price of bitcoin has now risen from the $18,3k level numerous times, indicating a bottom around $18,500. Whales used a second opportunity to purchase Bitcoin (BTC) at a discount in order to trigger a rise. Additionally, users can use the Bitcoin Exchange Inflow Mean indicator to monitor whales moving substantial sums of BTC during capitulation episodes.

The price of bitcoin, however, is still below the symbolic milestone of $20,000. The price of bitcoin is under pressure until it rises beyond the threshold that would indicate a bullish advance.

The price of bitcoin is $19,650 at the time of writing, up 1.5% over the previous day. The BTC price has been retreating from the significant barrier level and still struggles to achieve $20,000.